MELBOURNE (Standard&Poor's) March 12, 2004--Standard&Poor's Ratings Services said today that it has lowered its long-term counterparty credit rating on National Australia Bank Ltd. (NAB), and related entities, to 'AA-' from 'AA', including its counterparty credit rating and insurer financial strength rating on MLC Ltd. and MLC Lifetime Co. Ltd. The outlook on NAB is stable. The 'A-1+' short-term rating on NAB is unchanged. "The downgrade reflects material and multiple breakdowns in NAB's risk management processes and weaknesses in the bank's corporate governance," said Standard&Poor's credit analyst Craig Bennett, Financial Services Ratings. "The bank appears fully committed to addressing risk management issues identified, but Standard&Poor's also recognizes that this will take time to
